The Hindu Business Line : ONGC draws blank in discoveries, Cairn Energy tops the list: DGH

OIL and Natural Gas Corporation (ONGC) could not make a single discovery during 2004-05, though it invested $415.58 million (Rs 1,822.64 crore) and drilled nine wells during the period.

The oil and gas major, that has been allocated 4,30,335 sq km for development, was committed to drill 79 exploratory wells.

As per the exploration performance report card published by the Directorate General of Hydrocarbons (DGH), leading the pack of exploration and production (E&P) companies operating in India both in terms of investment and discoveries made during 2004-05 was Cairn Energy India Ltd. Cairn Energy made an investment of $645.6 million (Rs 2,827.7 crore) and made eight discoveries during the period, at a success ratio of 37 per cent.

The DGH report card will now be published every quarter as an effort to counter `speculative and premature reports' as recently published by national dailies.

The first-ever quarterly report gives details of E&P companies operating in India under the New Exploration Licensing Policy (NELP) and pre-NELP regime. Talking to Business Line, Mr Subir Raha, Chairman, ONGC, said the company was way ahead in meeting the NELP obligation except those blocks that require defence clearance. "We are ahead in the minimum work programme under the NELP blocks," he said.

Reliance Industries Ltd came second behind Cairn Energy, having invested $566.79 million (Rs 2,485.37 crore) during the year and made seven discoveries, at a success ratio of 47 per cent. The wells drilled included those in the nature of exploratory, appraisal and development wells. As against 25,220 sq km that Cairn Energy had allotted to it for development, RIL had a 10-fold larger acreage at 2,88,976 sq km. RIL was to explore 47 wells and Cairn Energy, 17 wells.

Among the companies engaged in E&P activities were Oil India Ltd, Hindustan Oil Exploration Company, Gujarat State Petroleum Corporation, Joshi Oil and Gas, Gazprom, Canoro, Hardy Oil and Gas, Essar Oil and Phoenix. Gujarat State Petroleum was the fourth largest investor in Indian oil and gas fields at $21.04 million (Rs 92.28 crore), followed by Hardy. Hindustan Oil Exploration recorded the highest success, having made discovery in one of the two wells that it drilled; its investment during the year was $2.46 million (Rs 10.78 crore).

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